Past performance does not guarantee and is not a reliable indicator of future results. Current performance may be lower or higher than the performance shown. Composite performance has been presented in both gross and net of investment management fees.

Investment Risk:Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described in the Important Disclosures section which should be read in conjunction with this material.

Portfolio Manager Viewpoints

International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value securities may underperform other asset types during a given period. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request.

Unless otherwise indicated, strategy characteristics relate to that of a representative account managed within the investment composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individual accounts managed to the strategy may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and longevity periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client's investment account information.

Performance Source: Artisan Partners/MSCI. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the Index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices.

Data & Statistics Sources: Artisan Partners/FactSet/MSCI/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Portfolio turnover is reported as of the strategy’s fiscal year end. Artisan Partners may exclude outliers when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. Securities of the same issuer are aggregated to determine a holding’s weight in the portfolio. Cash weighting includes cash and cash equivalents. Totals may not sum due to rounding.

Median
is the data's midpoint value. Market Cap
is the aggregate value of all of a company's outstanding equity securities. Weighted Average
is the average of values weighted to the data set's composition. Weighted Harmonic Average
is a calculation of weighted average commonly used for rates or ratios. Price-to-Earnings Ratio (P/E Ratio)
measures how expensive a stock is. Earnings figures used for FY1 and FY2 are estimates for the current and next unreported fiscal years. Net Debt/Capitalreflects a company’s financial leverage as measured by its net debt (total debt minus cash & cash equivalents) divided by total capital. The aggregate calculation excludes companies classified by GICS as banks, consumer finance and capital markets to focus on nonfinancial liabilities.Price-to-Book Ratio (P/B Ratio)
is a valuation measure used to compare a stock's market value to its book value. Return on Assets (ROA)
is a profitability ratio that measures the amount of net income returned as a percentage of total assets. Active Share
is defined as the percentage of a portfolio that differs from its benchmark index. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index. Portfolio Turnover
is a measure of the trading activity in an investment portfolio—how often securities are bought and sold by a portfolio. Free Cash Flow
is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Capital (ROC)
is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations.

MSCI All Country World Index measures the performance of developed and emerging markets. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

This material is intended for Eligible Counterparties within the meaning of the Markets in Financial Instruments Directive (MiFID) and as defined by the UK Financial Conduct Authority and is not intended for, or to be relied upon by, private individuals or retail investors as well as professional clients that do not meet the definition of Eligible Counterparty.

The information contained on this website, together with any related enclosures, has been prepared for informational purposes only and without taking into account any specific objectives financial situation or needs of any particular person who may receive it. It does not constitute and should not be construed as investment advice or an offer, invitation, proposal or recommendation of any financial product or service.

This website is owned and operated by Artisan Partners UK LLP (APUK). Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the US Securities and Exchange Commission (SEC). APUK is authorized and regulated by the UK Financial Conduct Authority and is an investment adviser registered with the SEC. The information on this site is issued by APUK, whose registered office is Reading Bridge House, 4th Floor, George Street, Reading RG1 8LS, United Kingdom, and which is registered in England and Wales, LLP Registration No. OC351201. APLP and APUK are collectively, with their parent company and affiliates, referred to as Artisan Partners herein.

The Prospectus, the Key Investor Information Document(s), the Articles of Association of Artisan Partners Global Funds plc and the latest annual and semi-annual reports can be obtained free of charge from the representative in Switzerland, State Street Bank GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich, Switzerland. The place of performance and jurisdiction is at the registered office of State Street Bank GmbH. State Street Bank GmbH is also the paying agent of Artisan Partners Global Funds plc.